If your small business has been hesitant to embrace mobile marketing, the results of a new analysis may make you reconsider. 

According to a study by IT research group Gartner, spending on mobile advertising will be close to$42 billion by 2017. While this amount is significantly less than the $196 and $110 billion currently spent on television and print advertising, respectively, it's larger than radio. Ad spending for radio totaled $32 billion, and Gartner estimates that this category will decline in popularity in the coming years. 

"From 2015 to 2017, growth will be fueled by improved market conditions, such as provider consolidation, measurement standardization and new targeting technologies, along with a sustained interest in the mobile medium from advertisers," Stephanie Baghdassarian, research director at Gartner, said in a press release. 

For 2014, the research group estimates that spending on mobile advertising will hit $18 billion, a 37 percent increase over the $13 billion spent in 2013. 

In terms of the types of ads that will experience the most growth, online video tops the list. This is mainly driven by the increase in tablet ownership. As for what will generate the most revenue, Gartner predicts the display category will have success. The shift from desktop to mobile and in-app display will attract users who are more inclined to be on a smartphone or tablet instead of a computer. 

With the rapid growth of mobile advertising, it's imperative that small business incorporate this medium into their marketing strategies. To compete successfully in this sphere, consider partnering with KeyMedia Solutions.